acsis announces new board after completion of Old Mutual acquisition

Following approval from the Financial Services Board and the Competition Commission, Old Mutual South Africa’s acquisition of acsis was finalised on 31 July. It was announced earlier this year that Old Mutual would buy 100% of asset consulting and financial planning business acsis and operate it as an independent, standalone business.

With the finalisation of the acquisition, the acsis board of directors has changed. Andrew Bradley, acsis Chief Executive Officer and Dr Frene Ginwala, former Speaker of the National Assembly will remain on the board. In addition, Jürgen Scherzinger (acsis Executive Head of Operations), Ralph Mupita, (Managing Director of Old Mutual Retail) and Seelan Gobalsamy (Managing Director of Old Mutual Corporate) have been appointed to the board. Mupita, who was instrumental in the acquisition, will serve as chairperson.

According to Bradley, the acquisition as well as the appointments to the board will contribute significantly to the business on a number of levels. “We at acsis are enthusiastic about our affiliation with Old Mutual. The appointment of these two Old Mutual executives on our board will ensure that we benefit from the various synergies that exist between the two businesses,” says Bradley. “We are also pleased that Dr Ginwala will continue to serve on the board. This provides us with additional continuity. Her input on corporate governance and strategy has contributed significantly to acsis’ continued growth and success over the last few years.”

Old Mutual and acsis have entered into a management independence agreement that safeguards the autonomy and independence of acsis. This ensures that the company will continue to provide the most trusted advice without any compromise.

“The acsis philosophy and approach, together with Old Mutual’s backing puts the business in a very good position to take its industry leadership to a new level in the future,” Mupita concludes.